The U.S. economy likely grew at a brisk clip in the third quarter, driven by solid consumer spending and business investment, but momentum appears to have since faded amid the rising cost of living and recent government shutdown. The Commerce Department's initial estimate of third-quarter gross domestic product on Tuesday is also expected to show the economy was supported by lower imports, which helped to curb the trade deficit. Much of the anticipated acceleration in consumer spending was the result of a rush to buy electric vehicles before the September 30 expiration of tax credits. The...
The renewed tensions in Venezuela have begun to draw attention from global market participants, primarily due to the potential disruption to global oil supplies. As the country with the world's largest oil reserves, every political and geopolitical dynamic in Venezuela often has a direct impact on global energy price movements. The main market concern centers on the possibility of disruptions to Venezuelan oil production and exports, either due to domestic instability or the potential for a re-tightening of international sanctions. This situation risks tightening global oil supplies,...
The US economy expanded in the third quarter at the fastest pace in two years, bolstered by resilient consumer and business spending and calmer trade policies. Inflation-adjusted gross domestic product, which measures the value of goods and services produced in the US, increased at a 4.3% annualized pace, a Bureau of Economic Analysis report showed Tuesday. That followed 3.8% growth in the prior period that was also bolstered by households. The BEA was originally due to publish an advance estimate of GDP on Oct. 30 but the report was canceled due to the government shutdown....